What age to be a millionaire?

[Lilhowie83]

Nice, good luck on the start up. When is my start date?

Move on out here. If things keep growing like they did last year, I'm going to have to get some more equipment and bring on help.

 

[Nick87]

Move on out here. If things keep growing like they did last year, I'm going to have to get some more equipment and bring on help.

I'm afraid that time has past me by. Good luck though, that's exciting.

 

[Brittany Chukarman]

I've noticed most all of the people I assume to be millionaires never talk about it.
There has to be a balance between working towards life long goals and living for the day.
I started a Target Retirement Roth for a nephew. In 12 years he never contributed a cent to it. Lost all the info to the account. Unknown to me he drank a 12 pack a night along with a cigarette and alcohol habit. Every time he gets a raise it just means more money to blow. He's a good kid but I give up on helping him.

 

[BuzzH]

and yet they can’t afford $600/month.

The truth always has a way of exposing itself.

 

[Dougfirtree]

Absolutely.

but for every person that didn't that makes 250k there are far more than 1000 that won't break 80k.

A top 1% college grad makes $470k a top 1% HS grad makes $200,006

View attachment 317121

Income by Education: Average, Median, Top One % in the US

See income by education achievement in America in 2024. How much more college degree helps earn over high school, or versus dropouts.

dqydj.com

View attachment 317119

Research Summary: Education and Lifetime Earnings

Social Security Administration Research, Statistics, and Policy Analysis

www.ssa.gov

View attachment 317120

COE - Annual Earnings by Educational Attainment

Presents text and figures that describe statistical findings on an education-related topic.

nces.ed.gov

Man, I'm underperforming...

 

[cgasner1]

Man, I'm underperforming...

Same

 

[Deleted member 28227]

@grizzly_

 

[LousyResident]

@grizzly_

View attachment 317154

and above at least 39% of respondents to the poll in this thread.

I always knew the lot of you were old and loaded . . .

 

[Irrelevant]

@grizzly_

View attachment 317154

Those are shockingly low numbers for "household"

 

[CRJR45]

 

[rjthehunter]

That's because you gave them bad advice in my opinion.

$600 a month now may make it seem impossible. Best advice is to just make sure they're paying themselves something, even if it's $300 a month now. As their earnings increase over time, they can start increasing the amount. Down the road $2000 a month may not be a problem.

Goals that have to make you miserable the whole way there, aren't worth achieving.

It would suck to wake up at 60 having not enjoyed your life to reach a financial goal.

There has to be balance or it's not worth it.

Woah! I agree with you 100% on this Buzz.

Life is short. Enjoy it along the way. No sense in saving all your money for retirement when you're too old to really get out and enjoy it. Tomorrow is never guaranteed.

Could I buckle down, live like a poor college student for 5 years and pay off my house? I certainly could, but I'm never going to be healthier than I am right now, I'm never going to have more free time, and I'm never going to regret the adventures I've had along the way.

 

[TN2shot07]

Woah! I agree with you 100% on this Buzz.

Life is short. Enjoy it along the way. No sense in saving all your money for retirement when you're too old to really get out and enjoy it. Tomorrow is never guaranteed.

Could I buckle down, live like a poor college student for 5 years and pay off my house? I certainly could, but I'm never going to be healthier than I am right now, I'm never going to have more free time, and I'm never going to regret the adventures I've had along the way.

It’s not really about living like a poor person, it’s about balance. Most financial planners recommend somewhere between 10-15% for retirement. A lot of budgets have that much wiggle room but it’s being eaten up by decisions we have to make (excessive food, travel, car payments, housing, alcohol, tobacco, sports, etc.). It’s all about organizing priorities and learning to tell yourself “no” about something so you can say “yes” to what you actually deem important.

 

[Elky Welky]

It’s not really about living like a poor person, it’s about balance. Most financial planners recommend somewhere between 10-15% for retirement. A lot of budgets have that much wiggle room but it’s being eaten up by decisions we have to make (excessive food, travel, car payments, housing, alcohol, tobacco, sports, etc.). It’s all about organizing priorities and learning to tell yourself “no” about something so you can say “yes” to what you actually deem important.

I'll never sacrifice my avocado toast.

 

[TN2shot07]

I'll never sacrifice my avocado toast.

That’s ok, you keep smearing that baby s*** on toast!

 

[Elkmagnet]

It’s not really about living like a poor person, it’s about balance. Most financial planners recommend somewhere between 10-15% for retirement. A lot of budgets have that much wiggle room but it’s being eaten up by decisions we have to make (excessive food, travel, car payments, housing, alcohol, tobacco, sports, etc.). It’s all about organizing priorities and learning to tell yourself “no” about something so you can say “yes” to what you actually deem important.

I'd argue most disposable income is going to pay for yesterday's fun.
The nation has a credit card problem with 1.3 trillion in debt and an average interest payment of 22% of that! Mostly on the lowest income earners.

 

[Beignet]

I'll never sacrifice my avocado toast.

If I hadn't bought lattes in my 20's I'd surely own a very large recreational ranch with resident elk by now. You can learn from my mistakes.

 

[TN2shot07]

I'd argue most disposable income is going to pay for yesterday's fun.
The nation has a credit card problem with 1.3 trillion in debt and an average interest payment of 22% of that! Mostly on the lowest income earners.

I’d agree but every time anybody brings up credit cards everybody says they pay off their balance every single month and only use them for the cash back…

 

[Elkmagnet]

I’d agree but every time anybody brings up credit cards everybody says they pay off their balance every single month and only use them for the cash back…

Yeah but what about the wife's secret ones?

 

[rjthehunter]

I’d agree but every time anybody brings up credit cards everybody says they pay off their balance every single month and only use them for the cash back…

Well lets be honest, I think most people who are in credit card debt don't really want to brag about it.

But those of us who just capitalize on them, definitely like to talk about how much cash back we've gotten from them! Self control is a priceless thing to have.

 

[TN2shot07]

Yeah but what about the wife's secret ones?

I’d recommend a marriage counselor or a divorce attorney, your pick